NYDIG CEO and President Become the Latest Crypto Execs to Step Down

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The alter­na­tive asset man­ag­er – New York Dig­i­tal Invest­ment Group (NYDIG) – announced the depar­ture of its CEO Robert Gut­mann and its Pres­i­dent Yan Zhao.

Tejas Shah and Nate Con­rad will take their posts, respectively.

Changes at the Top

The cryp­tocur­ren­cy-focused com­pa­ny revealed that its bit­coin bal­ances hit an all-time high dur­ing Q3, up almost 100% YOY. At the same time, NYDIG’s rev­enue was up by 130% in Q2, fol­lowed by anoth­er increase in the next quarter.

Nev­er­the­less, it not­ed that the CEO and Pres­i­dent – Robert Gut­mann and Yan Zhao – have stepped down from their respec­tive posi­tions and will remain as key mem­bers of NYDIG’s par­ent com­pa­ny – Stone Ridge Hold­ings Group.

The com­pa­ny announced Tejas Shah as the new Chief Exec­u­tive Offi­cer and Nate Con­rad as the new Pres­i­dent. They will focus on dou­bling down the organization’s invest­ments in the cryp­to min­ing indus­try by serv­ing some of the lead­ing North Amer­i­can miners.

Ross Stevens – Founder and Exec­u­tive Chair­man of the firm – argued that these struc­tur­al changes should be
ben­e­fi­cial dur­ing a time of mar­ket decline:

“When mar­kets crum­ble, char­ac­ter emerges. A flight to qual­i­ty from the most risk-aware insti­tu­tion­al investors has relent­less­ly dri­ven bit­coin, and rev­enue, to NYDIG over the last 12 months.

The firm’s bal­ance sheet is the strongest it’s ever been, and we’re now invest­ing aggres­sive­ly into a cap­i­tal-starved mar­ket. Rob­by and Yan are deliv­er­ing the busi­ness to Tejas and Nate in phe­nom­e­nal shape.”

Pri­or to their pro­mo­tion, Shah and Con­rad served as Glob­al Head of Insti­tu­tion­al Finance and Glob­al Head of Pay­ments, respec­tive­ly. Both men have rich expe­ri­ence in the finan­cial field, as Shah was part of Gold­man Sachs for around 20 years.

Quitting Crypto Companies Trend Continues

This year’s cryp­tocur­ren­cy mar­ket crash has affect­ed the indus­try in many ways, and step­ping down cryp­to-relat­ed exec­u­tives seems to be part of the aftermath.

One of the first came from the lead­ing bit­coin min­er – Com­pass Min­ing (CMP) – when the CEO Whit Gibbs and the CFO Jodie Fishre said they were no longer part of the com­pa­ny due to dis­ap­point­ing results.

Bill Qian – a top exec­u­tive at Binance Labs – also sub­mit­ted his res­ig­na­tion let­ter in the same month – June. It is worth not­ing that the pre­vi­ous CEO – Nicole Zhang – left the firm a few weeks pri­or to that.

One of August’s biggest news in the cryp­to sec­tor was Michael Saylor’s deci­sion to resign from his role as a CEO of MicroS­trat­e­gy and start serv­ing as an Exec­u­tive Chair­man of the busi­ness intelligence.

In Sep­tem­ber, Kraken’s Founder Jesse Pow­ell, FTX US Pres­i­dent Brett Har­ri­son, and Cel­sius’ CEO Alex Mashin­sky joined the list of boss­es who stepped down from their positions.

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